When you purchase a home to live in, have it as a second home or look to secure a property to let to a tenant, the house, or flat will need to have a survey conducted on it. There are very few mortgage lenders who will agree to lend on a property without one. The simple reason being that the place must be suitable to lend on. The lender is investing in you and the property. They are expecting you to pay the money back so that they can accrue the interest and, should things go wrong; they will need to know that the property can be sold for profit to get back their investment.
Everything you need to know about conveyancing, the second stage of the house buying process, can be found at the website of Sam Conveyancing. Here is a brief overview of the survey’s you can have.
- A level one survey is the most basic that you can order. It is usually enough for the lender’s purposes to show up any glaring issues. So, for example, if you’re buying a new build or the property is under ten years old, this will usually be enough.
- Level 2. Commonly known as the home buyers report, this is an RICS approved and created survey level that is meant to guide all the parties involved in a house purchase. It offers a “one-stop-shop” approach to surveys that have been specially created for this purpose. It covers properties over ten years old up to thirty years and beyond that.
- Level 3 is the most thorough survey that money can buy. The surveyor will go through the property with meticulous detail if you choose this. It is also the most suggested option if you are looking to buy a property that is 30 years old or older. If the property has a listed status or is historical, it is also needed.